Archive for September 13th, 2010

Last Week in the News
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The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending September 3 fell 1.5%. Refinancing applications fell 3.1%. Purchase volume rose 6.3%. Refinancing made up 81.9% of total applications.
The Federal Reserve announced consumer credit debt fell in July by $3.6 billion. Economists had forecast that consumer credit debt would fall $3.5 billion in July. Consumer credit debt fell in June by $1.3 billion, $5.3 billion in May and $14.9 billion in April.
According to the ICSC-Goldman Sachs index, retail sales fell 0.4% for the week ending September 4. On a year-over-year basis, retailers saw sales increase 1.8%, the lowest reading since May.
The trade deficit decreased 14% to $42.8 billion in July. Economists had expected the trade deficit to rise to $46.8 billion. Exports rose 1.8% to $153.3 billion, the best reading since August 2008. Sales of civilian aircraft, industrial machinery, computers and telecommunications equipment all posted gains. Imports fell by 2.1% to $196.1 billion.
Wholesalers increased their inventories 1.3% in July, following a 0.3% rise in June. Sales at the wholesale level rose 0.6% in July, the most since April. Economists had anticipated inventories would increase 0.4% in July.
Initial claims for unemployment benefits fell by 27,000 to 451,000 for the week ending September 4. Economists had projected claims would fall to 470,000. Continuing claims for the week ending August 28 fell by 2,000 to 4.47 million.
Upcoming on the economic calendar are reports on retail sales on September 14, industrial production on September 15 and consumer inflation on September 17.